ROUYN-NORANDA, QUEBEC--(Marketwired - July 24, 2014) -
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.
Falco Pacific Resource Group Inc., soon to be Falco Resources Ltd., ("Falco") (TSX VENTURE:FPC) announces that it has elected to accelerate the expiry date of the common share purchase warrants (the "Warrants") originally issued by Falco as part of its unit private placement completed on June 14, 2013 (the "Private Placement"). Each Warrant entitles the holder thereof to purchase one additional common share of Falco at a price of $0.45. To date, 1,120,000 of these Warrants have been exercised leaving a balance outstanding of 2,280,000 Warrants.
Pursuant to the terms of the Private Placement, the expiry of the Warrants may be accelerated at any time prior to the expiry of the Warrants if the volume weighted average trading price of Falco's shares on the TSX Venture Exchange is greater than $0.60 for 15 consecutive trading days, at which time Falco may give notice in writing (the "Early Expiry Notice") to the Warrant holders within 10 days of such an occurrence that the Warrants shall expire on the 30th day following the giving of such Early Expiry Notice.
Effective at the market close on July 23, 2014, Falco's volume weighted average price for each of the past 15 consecutive trading days exceeded $0.60. A Notice of Acceleration dated July 24, 2014 will be mailed to the holders of the Warrants issued pursuant to the Private Placement to advise that the expiry date of the Warrants is being accelerated to 4:30 p.m. (Vancouver time) on August 22, 2014. Any Warrants remaining unexercised after August 22, 2014 will be cancelled.
Should all of the Warrants outstanding be exercised, Falco will receive total gross proceeds of $1,305,000.
About Falco
Falco is a resource exploration company and owner of mineral rights to 14 former mines within a 700 km2 land package in the Abitibi region of Quebec, Canada. Falco's principal property is the Horne mine complex, which was operated by Noranda from 1927 to 1976 and produced 11.6 million ounces of gold and 2.5 billion pounds of copper. A maiden 43-101 mineral resource estimate for the Horne 5 deposit delineated an initial inferred resource totaling 25.3 million tonnes grading 2.64 g/t Au, 0.23% Cu and 0.7% Zn, for 2.2 Moz Au contained (see Falco press release dated March 4, 2014 for more details).
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
Cautionary Note Regarding Forward-Looking Statements
This news release contains forward-looking statements and forward-looking information (together, "forward-looking statements") within the meaning of applicable securities laws and the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, are forward-looking statements. Generally, forward-looking statements can be identified by the use of terminology such as "plans", "expects', "estimates", "intends", "anticipates", "believes" or variations of such words, or statements that certain actions, events or results "may", "could", "would", "might", "will be taken", "occur" or "be achieved". Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from these forward-looking statements include the reliability of the historical data referenced in this press release and those risks set out in Falco's public documents, including in each management discussion and analysis, filed on SEDAR at www.sedar.com. Although Falco believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed times frames or at all. Except where required by applicable law, Falco disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
This press release is not, and is not to be construed in any way as, an offer to buy or sell securities in the United States.